OPEC, allies reach ‘full agreement’ after production spat

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> He declined to elaborate on how they came to that consensus, saying it would see the cartel “lose our advantage of being mysterious and clever.”


I love how dystopian it is that a cartel is engaging in coordinated market manipulation and its just completely normal.


So they barely increased the output, only half of what UAE wanted…which wasn’t much in the first place, and it doesn’t even happen for another month plus (a lot of gas is consumed in the world in a month). Even after the increase, the supply is still too low for demand…and well below what is was prior to the ‘vid. Gas prices may very well see $4 a gallon before anything else. September 2022 is so far away from now that even with this increase and a few more along the way, OPEC (knowingly) has already started an irreversible trend of higher gas/oil for a decent amount of time to come. They could announce an output equal to what it was previously before covid and it would still be too late to stop the price increases the next 6 months at least.


The US went through some pretty extraordinary measures to soak up excess supply during the onset of covid. I wondering how long before we start talking about a release of strategic reserves. The US doesn’t want gas much higher than it currently is… It’ll be a headwind to the recovery and another arrow in the ‘ol inflation quiver.


Still baffles me to this day, open discussion of price fixing and the world is just “Meh, OPEC being OPEC.” Instability in this pact and region now helps the US tremendously and I’d imagine the USGov just rubs it’s hands together every time this topic reappears.